How to Check Your LIC Housing Finance Home Loan Approval Status Online
- Visit the official website of LIC Housing Finance Limited.
- Click on the ‘Home Loans’ tab and you will be directed to the following page:
- Click on ‘Online Loan Application’ on the left-hand panel and you will be directed to the following page:
Beside this, can I get loan on LIC money back policy?
The loan amount is given on the basis of the surrender value of the LIC policy. The maximum loan amount that can be availed will be up to 90% of the surrender value. The maximum loan amount is 85% of the surrender value for a paid-up policy. This includes the cash bonus that may be applicable to the policy.
Correspondingly, can I take LIC loan from any branch?
You can avail of the loan from LIC itself, or you can also borrow from other banks. You do not need to cancel or surrender your existing policy, thus allowing you to keep your savings intact and at the same time, meet your personal expenses. You do not need any additional documents, or credit score to get this loan.
Can we take loan against LIC policy online?
You can apply online for a loan against your LIC policy. Here are the steps you need to follow to apply for a loan against your LIC policy. It should be noted that the online facility to apply for the loan against LIC policy is available only to registered customers.
How To Surrender LIC Policy
- Original policy bond documents.
- Request for surrender value payment.
- LIC Surrender form- form 5074.
- LIC NEFT form.
- Bank account details.
- Original ID proof like Aadhar card, pan card or driving license.
- A cancelled cheque.
- Hand-written letter to LIC stating the reason to discontinue.
Step 1:The insured needs to visit the official website of LIC. Step 2:On the home page, the user can select the option of “New User.” Step 3:In the next step, he can fill up his personal details such as name, date of birth, policy number, mobile number, email address, etc.
Process of various services and online forms:
- Claim Form ‘A’ in Form No.3783. If policy has run for 3 years or more from date or risk, claim form no.3783A may be used.
- Certified extract from death register.
- The original policy document with Deed/s of assignment/s, if any.
LIC Policy Status by SMS
- Open your mobile to send SMS.
- Click on compose SMS.
- Type ASKLIC XXXXXXXX STAT.
- Send to 9222492224 or 56767877.
- Immediately you will get the live status of LIC policy through a reply short message or an error message if your mobile number not registered.
The paid-up value is calculated as original sum assured multiplied by the quotient of the number of paid premiums and number of payable premiums. On discontinuing a policy, you get special surrender value, which is calculated as the sum of paid-up value and total bonus multiplied by surrender value factor.
LIC Home Loan Details
|Loan Amount||Rs.1 lakh – Rs.15 crore|
|Interest rate||6.90% p.a. onwards|
|Processing Fees||0% – 0.50%|
|Max Repayment Tenure||30 Years|